This thesis for the graduate programme cand.merc.aud. (MSc in Business Economics and Auditing) at Copenhagen Business School addresses the subject of ”investment funds” from a VAT law perspective. The thesis will be interesting from a VAT law and VAT theoretical point of view in relation to understanding and interpreting the investment fund concept. The thesis will take the reader through a theoretical understanding of the investment fund concept based on the VAT exemption provision included in section 13(1)(11)(f) of the Danish VAT Act. In this thesis, the theoretical understanding of the investment fund concept will build on a description, an analysis and an assessment of the concept for VAT law purposes of an investment fund. The background of the thesis is the publication by the Danish Tax Agency in March 2019 of a draft administrative note concerning a change of practice as regards the concept of investment fund for VAT law purposes based on a number of cases submitted to the European Court. The Danish Tax Agency’s purpose of the draft administrative note is for it to lead to a change of the previous administrative practice in the area. It is thus assessed that the implementation of the change of practice, which tightens the previous administrative practice, will have the effect that, in future, a number of investment funds can no longer be considered as such for VAT purposes. The consequence of this is that the management services bought will no longer be VAT exempt. This will result in an ”increase” in management services or a lower profit as the imposed VAT cannot be deducted. The thesis also compares the above-mentioned draft administrative note with the EU rulings analysed in this thesis, and in this connection it is assessed whether the opinion of the Danish Tax Agency is in accordance with EU legal practice. Based on a number of cases submitted to the European Court, the thesis deduces what is, for the purpose of this thesis, understood by current law as regards the investment fund concept. The analysed matters and circumstances which are assessed to apply to the investment fund concept have thus been compared with the Danish Tax Agency’s view in this respect. The thesis concludes that a number of issues listed by the Danish Tax Agency are in accordance with EU legal practice; however, it is doubtful whether a number of the underlying interpretations stated by the Danish Tax Agency are in accordance with this.
|Educations||MSc in Auditing, (Graduate Programme) Final Thesis|
|Number of pages||118|